Heavy equipment manufacturer CNH Industrial is closing the majority of its manufacturing plants in the western hemisphere for two weeks effective today.
The impacts include plants that build construction and agricultural equipment in North and South America, including brand names like Case and New Holland. Europe-based CNH Industrial operates dozens of sites in the western hemisphere.
The company said it would keep US-based plants that build components operating at low rates as part of the essential industries deemed by the US government necessary to keep open. Parts depots and some dealers will also remain open.
In South America, the shutdowns will also impact commercial vehicle and powertrain production.
The company also pulled its 2020 guidance.
CNH is the latest heavy equipment company to have to curtail its production in the midst of the coronavirus-related economic downturn and a crash in oil prices. Heavy equipment manufacturer Caterpillar shut down at least three plants due to falling oil prices.
Other steel consumers have curtailed production, with US automakers shutting down production for weeks due to the spread of the coronavirus. US steel mills have also idled more than 5mn short tons (st)/yr of flat rolled capacity.
